US wheat futures closed higher with good gains in the December contracts. Soft wheat, hard wheat and spring wheat futures all had gains of over 10c /bu by the close.
December soft wheat had a week on week change of 1/4c/bu. After a good rally on Monday the USDA report saw significant losses over the next couple of days and then a rally last night. It’s been a bit of a roller coaster week for wheat futures in the USA.
The reasoning behind the move higher last night is both speculative and fundamental. There’s has been some good tenders in circulation this week and the last purchase from Egypt was higher in value. The speculative side still assumes that Russia will at some stage do something to slow wheat exports.
During the week there had been a little spread trade being seen between wheat and soybean futures too, sell wheat / buy beans. It appears that some of this trade was unwound last night with soybeans posting a down night.

Tunisia picked up 75kt of durum wheat of Glencore in this week’s tender. They also bought 67kt of milling wheat and 50kt of barley in the same tender. Durum values at US$270 CFR were lower than expected but if quality is DR2 or less values are fine. We do see durum values in Canada lower this week though. Bids ex farm SW Saskatchewan were down close to C$6.00 yesterday and are currently estimated at C$227 for CWAD1.  Which would be roughly equivalent to AUD$330ish NTP NTL port.